15.02.2011

Haulotte up 35%

Haulotte has reported its preliminary full year and fourth quarter 2010 revenues which show an increase of 35 percent in the final quarter.

The full year ended 24 percent up on 2009 at €250 million, of which €186.3 million was sales of equipment – up 34 percent on 2009. €37.2 million was rental – up 17 percent on last year leaving €26.5 for product support/services which is down 14 percent on 2009.

The improving trend picked up in the fourth quarter with total revenues climbing 35 percent to €72.5 million. Geographically growth came from all regions with Asia Pacific leading the way with 41 percent of growth, Latin America up 23 percent, largely due to Brazilian market growth, while Europe also posted a strong result with sales climbing 24 percent in the last quarter.

Haulotte says that the strong second half sales of 2010 have significantly reduced inventories and pushed up the company’s backlog. It adds that the market appears to be providing a more sustainable level of commercial activity while renewed dynamism in certain markets should allow the company to continue its growth into 2011, at a similar pace to that achieved in 2010.

In spite of the strong improvement Haulotte is still likely to post a loss for 2010 when it reports its full results later this year. In December chief executive Alexandre Saubot told Vertikal.Net that the company’s break-even point is currently around €300 million. Given its initial predictions for 2011 Haulotte ought to achieve this relatively comfortably this year.

Vertikal Comment

This is solid result for Haulotte and follows the examples set by the other two major manufacturers – JLG posted a 30 percent increase in its external revenues for the quarter to the end of December (its first fiscal quarter) while Genie reported a 28 percent increase in its full year revenues and an amazing 66 percent jump in the fourth quarter.

When the 2001/02 slowdown eased Haulotte bounced back faster than most others and managed to grab market share. Whether it can repeat that feat remains to be seen given that it is under more conservative leadership than back then.
Click here to see an interview with Alexandre Saubot

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